Back in June, it looked like Bank of America had a rare win on its hands: a proposed settlement with trustee Bank of New York to the tune of $8.5 billion, meant to restore the damage done by faulty mortgage-backed securities financed by BofA's Countrywide division. Come October, the settlement fell apart because investors (among many other vocal groups, too) didn't feel the figure was high enough. $8.5 billion, not enough money? Yikes. That's a scary indicator for banking in general, but also for BofA considering it is more than the institution made in the last four years combined. The collapsed deal is another low-point in a rough year for the bank and CEO Brian Moynihan. At least he axed those $5 debit card fees.
|Grieving parents get hit with $200,000 in student loans|
|1 in 3 American adults have 'debt in collections'|
|Amazon launches 3-D printing store|
|Apple buffs up radio service with string of acquisitions|
|Target sent victims to Experian, which has sold your data to criminals|